RICHMOND, VA, USA, July 16, 2024 /EINPresswire.com/ — Paymerang, a leading accounts payable (AP) automation platform, partnered with Ardent Partners on their 2024 State of ePayables report which found that Best-in-Class AP teams achieved per-invoice processing costs that are 78% lower than their peers thanks to automation technology. Overall, the report found that companies that invest in AP automation see an average ROI of 200% within the first year.
The report found that companies are seeing more financial pressure than in recent years. It noted that 68% of this year’s survey respondents see 2024 as being more difficult than 2023 due to financial uncertainty. Critically, it found that AP is “becoming a major cog in the cash management machine and a key player in managing trading partner relationships”.
The report found that Best in Class AP teams, defined as the 20% of enterprises with the lowest average invoice processing costs and shortest average invoice process cycle times, had a significant advantage thanks to automation technology.
In addition to the 68% cost reduction enjoyed by best-in-class teams, they also had invoice processing times that were 82% faster than all other groups.
Driving the 200% average ROI by companies who adopted AP automation were several efficiencies such as:
Automated AP departments maintain an exception rate of less than 5%, marking a reduction of around 75% compared to manual processing. Manual AP departments have an exception rate of around 20%.
Automated AP departments achieve payment accuracy rates of 99% or higher, representing an improvement of around 4-9% compared to manual processing. Manual AP departments range between 90-95%.
Automated AP departments have a cost per invoice of less than $3, reflecting a reduction of around 70-80% compared to manual processing. Manual AP departments average $10-15.
Automated AP departments capture 80-90% of available early payment discounts, representing an increase of around 20-30% compared to manual processing. Manual AP departments capture 50-60%. “Companies using automation capture early payment discounts three times more often, resulting in significant cost savings.”
Automated AP departments achieve supplier satisfaction scores of 90% or higher, indicating an improvement of around 10-20% compared to manual processing. Manual AP departments score around 70-80%.
Paymerang provides a streamlined Invoice and Payment Automation platform that brings Accounts Payable departments into the modern age. Our solution leads the market with a modern, award-winning platform, white-glove customer service, and vendor experience. The result is time savings, greater efficiency, increased visibility, enhanced security, and cost reduction.
Download the full report here.
About Paymerang
Paymerang provides a streamlined invoice and payment automation platform that brings Accounts Payable (AP) departments into the modern age. Paymerang’s platform saves AP departments thousands of hours annually, enhances visibility, increases accuracy, improves efficiency, and earns rebates while reducing paper, fraud risks, and operating costs. Learn more at https://www.paymerang.com/.
Anthony Burket
Paymerang
+1 804-301-1249
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